After a disappointing week of losses, Bitcoin (BTC) is set for its lowest weekly close of the month so far on April 10.
Trader: BTC “Giving People a Second Chance”
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD is circling $42,700 on Sunday with just a few hours to go until the weekly candle closes.
The pair fell at the end of Wall Street trading on Friday, while the weekend provided some panic as the $42,000 support remained intact.
For Rekt Capital, a popular trader and analyst, there remains cause for optimism despite losses of almost 10% over the past seven days.
it #B T c Pullbacks Are Second Chances for Too Many
If you promised yourself that you would buy $BTC when it goes down
And swore you wouldn’t miss the next uptrend
do your favors
and follow your advice#crypto #bitcoin
— Rect Capital (@rektcapital) April 10, 2022
Rect Capital Highlights three major moving averages Currently being tested as support, noting that historically, their bounce was preceded by a “strong bullish momentum”.
“Technically, anything above ~$38000 is a macro higher low for BTC,” he added. said Saturday.
As Cointelegraph reported, macro pressures formed the backdrop of a gloomy mood throughout the week, with concerns over the strength of the US dollar persisting.
“The moment DXY tops out (which could happen soon), the next bull run will begin. And that is going to be an epic one,” said Cointelegraph contributor Michael van de Pope forecastSimilarly adopt a more optimistic approach.
In what was becoming a perennial source of optimism, blockchain protocol Terra continued its BTC purchases on Sunday, with the non-profit Luna Foundation Guard (LFG) adding 4,130 BTC to its wallet.
According to on-chain monitoring resource BitInfoCharts, the given wallet was the 19th largest wallet in existence with a balance of 39,897.98 BTC ($1.7 billion).
Dogecoin clears up among major altcoins
Altcoins were similarly flat on the day, with the top ten cryptocurrencies by market capitalization not moving up or down more than 1%.
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Compared to the same time last week, it was Terra’s Luna and Solana (SOL) vying for the worst performance, both nursing losses of about 18%.
Immediately outside the top ten, however, Dogecoin (DOGE) once again outperformed the rest, gaining 8.3% in 24 hours.
Maybe even an option to pay in Doge?
— Elon Musk (@elonmusk) April 10, 2022
DOGE/USD peaked at $0.158, the highest since April 6 due to continued hype from Tesla CEO Elon Musk. Twitter was among Musk’s suggestions over the weekend, whose shares he bought collectively Last week, accepting payments at DOGE.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, so you should do your own research when making a decision.
